Performance

Growth Table

Annualized
201320142015201620173 Year5 Year10 Year15 Year
WI Net Total Return27.36%5.15%3.82%2.97%26.79%11.80%16.30%9.30%17.80%
Beta (Regression)0.950.910.730.560.560.670.77
Alpha (Regression)-0.014-3.16.1-4.617.14.42.64
Benchmark Total Return30.51%9.89%-1.75%15.89%1.90%8.9%15.70%10.40%18.30%

Income Table

Annualized
201320142015201620173 Year5 Year10 Year15 Year
WI Ave Bond Yields8.30%7.70%7.40%6.90%6.60%
WI Ave Bond Maturity (yrs)4.14.44.44.43.7
WI Net Total Return5.32%-1.77%-4.57%9.28%5.66%3.40%2.80%5.30%6.70%
Benchmark Ave Bond Yields3.10%3.10%3.20%3.40%3.10%
Benchmark Ave Bond Maturity (yrs)10.310.210.310.510.5
Benchmark Total Return-1.37%7.33%-0.18%5.57%5.72%2.40%2.70%7.00%7.80%

Composite Disclosures

Performance results displayed are based on a composite of similarly managed portfolios. Individual portfolio returns are calculated on a monthly basis using the BAI method, which computes an approximated time-weighted rate of return. Composite returns are then calculated by asset-weighting portfolio returns on a monthly basis using beginning of period market values.

Valuations are computed and performance is reported in U.S. dollars. All returns include the reinvestment of income and dividends. Net performance results have been reduced by trading expenses and have been further reduced by actual management fees.

Past performance should not be taken as representative of future results. The information supplied and the formula calculations used are considered reliable but cannot be guaranteed. Information supplied can change without notice. Additional information is available upon request.

The Growth 100% Composite includes fully discretionary all growth portfolios that are actively managed to Winans’ 100/0 Strategy which is designed for investors who have the highest tolerance or need for risk. The strategy employs a top-down investment approach to determine investment exposure in stocks. Financially sound, multi-cap U.S. listed common stocks are selected utilizing technical analysis focusing on the security’s 200-day moving average, while also emphasizing each investment’s downside protection. This strategy offers Winans’ most aggressive allocation of equity securities. Winans has discretion over individual investments as well as the discretion to increase and decrease the portfolio’s exposure to multi-cap U.S. listed stocks. The allocation of the strategy can vary over time but typically maintains a target equity allocation near 100% of portfolio assets. Starting January 2010, the minimum account size for inclusion in the composite is $100,000.

The Corporate Income 100% Composite includes fully discretionary portfolios that are managed to Winans’ 0/100 Strategy which is designed for investors who have a low tolerance or need for risk. This strategy offers Winans’ most conservative allocation of bond and preferred stock income. Winans has discretion over individual investments as well as the discretion to increase and decrease the portfolio’s exposure to any income investment. The allocation of the strategy can vary over time but typically maintains a target allocation near 100% of portfolio assets to an intermediate ladder of medium to high yield U.S. corporate bonds and U.S. listed preferred stocks. Starting January 2010, the minimum account size for inclusion in the composite is $100,000.

Prior to January 2010, composite membership was compiled on an annual basis and excluded:

 

Composite Benchmarks

Growth: A total return consists of: 23.5% S&P 500 Index, 23.5% NYSE Composite, 23.5% Dow Industrial Average, and 23.5% Winans Legacy Stock Index, 6% Tbills rebalanced monthly.

Income: A total return consists of: 94%Dow Jones Corporate Bond Average, 6% Tbills.

Benchmark performance for each portfolio category is based on the strategic weightings described above and may differ from actual weightings of client holdings during the period displayed. Client portfolios included in each portfolio category are based on client’s stated investment strategy and not on actual asset class weightings within each client’s portfolio. The volatility of each benchmark may be materially different from that of the investment portfolio. The percentage of clients outperforming their benchmark may be less than shown if benchmark weightings were adjusted to reflect actual client asset weightings over the same period. The Difference % in performance between WI Net Return % and Benchmark % may be less than shown, or negative, if benchmark weightings were adjusted to reflect actual client asset weightings over same period.

Benchmark Descriptions

The S&P 500 Index is a market-capitalization weighted index, which measures price movements of the common stock of 500 large U.S. companies within leading industries.

The New York Stock Exchange Composite Index is a float-adjusted market-capitalization weighted index which includes all common stocks listed on the NYSE, including ADRs, REITs and tracking stocks and listings of foreign companies.

The Dow Jones Industrial Average (DJIA) is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ.

The Dow Jones Corporate Bond Average Index is designed to track the total returns of 96 large and liquid investment-grade bonds issued by companies in the U.S. corporate bond market.

Winans Legacy Stock Index (WILSI) is an unweighted composite of 250 senior common stocks from diverse industry sectors which comprise the historical leadership of the U.S. economy. Most of the companies have been in continuous operation since 1906 (on average), and most have been continuously traded on the New York Stock Exchange (NYSE) since 1970. Since the WILSI’s underlying components are unweighted and remain unchanged over a 45-year timeframe, this provides a baseline to compare today’s financial conditions to past stock market cycles using the exact same securities. The WILSI provides an alternative means to evaluate stock market activity (past and present), and it eliminates many of the statistical flaws inherent in conventional stock market indices (i.e., S&P 500 Index & Dow Jones Industrial Average) due to their frequent changes in underlying components and data weighting methods.